In a statement, David Henry, Kimco's chief executive, praised Flynn's "entrepreneurial vision." Henry, who previously held the title of president, will continue as CEO and vice chairman of the board of directors.

Kimco, based in New Hyde Park, owned interests in 840 shopping centers in United States and foreign markets as of June 30. Shares of Kimco edged up 2 cents to $22.18 in afternoon trading.